Shanghai plans credit-rating for insurance agents

By Su Yue (chinadaily.com.cn)
Updated: 2006-11-08 08:55

Related publication:

 

    
   

Related readings:
Expert advises banning 'irrational' compulsory insurance

 
The air travel insurance market, stay or go?
Tax free for 482 insurance plans 
China to see insurance premiums double in 2010

The China Insurance Regulatory Commission (CIRC) Shanghai Bureau has mapped out a plan to evaluate intermediate insurance organizations in Shanghai for credit-rating purposes in the fourth quarter of this year. All intermediate agencies shall complete the related work by November 18.

According to sources with the CIRC Shanghai Bureau, the credit rating covers all intermediate insurance organizations in Shanghai including agents, brokers, public evaluation companies, and subsidiaries established in Shanghai by insurance brokerages and public evaluation firms registered in other regions.

Credit-rating will involve the participation of multiple parties. It consists of five parts: self-evaluation by the concerned intermediate agency, evaluation by companies in the same trade; evaluation by insurance companies, evaluation by the insurance applicants or the insured, in addition to evaluation given by insurance regulatory organizations.

......

The full text is available in the November Issue of China Insurance.


(For more biz stories, please visit Industry Updates)